The Chief of Defence Forces (CDF), Muhoozi Kainerugaba, on Tuesday chaired the inaugural meeting of the MK Fund in Fort Portal City, outlining plans for the Shs1 billion initiative aimed at supporting vulnerable groups, particularly urban youth with innovative business ideas.
Speaking at the meeting, Gen Muhoozi said the MK Fund is intended to serve segments of society that often struggle to access startup capital, especially young people in urban areas seeking to start small enterprises.
Gen Muhoozi, who serves as Chairman of the Board of Trustees of the MK Fund, explained that the board’s role will be to provide strategic direction and oversight to ensure the fund achieves its intended objectives.
“The board will also establish a review committee to examine and evaluate applications from individuals seeking support from the fund,” he said.
Board of Trustees
The Board of Trustees brings together senior government officials and prominent public figures. Members include:
•Jane Ruth Aceng, Minister of Health
•Frank Tumwebaze, Minister of Agriculture
•Edwin Karugire, who serves as Secretary of the Fund
•Andrew Mwenda
Seed Grants for Youth Enterprises
Under the initiative, the MK Fund will provide seed grants to young innovators with business ideas in key sectors aligned with Uganda’s wealth creation strategy, including:
Commercial agriculture
Services
Local manufacturing
ICT
Each successful applicant will receive not more than Shs1 million in cash, with the grants targeted at individuals rather than organizations.
Gen Muhoozi emphasized that the funding will not be a loan, meaning beneficiaries will not be required to repay the money.
“The only payback will be the success of the recipient,” he said.
Online Application System
To streamline access, the fund will establish a dedicated website through which applicants will submit proposals online. The platform will also provide detailed information about eligibility criteria and application procedures.
Although the initial capital for the MK Fund stands at Shs1 billion, Gen Muhoozi said the Board of Trustees will explore ways to expand the fund over time to ensure sustainability and enable more beneficiaries to access support.
Gender and Regional Balance
The fund will also incorporate inclusion mechanisms in its operations. According to the framework presented at the meeting:
At least 30% of the grants will be allocated to female applicants, and
The fund will maintain regional balance to ensure equitable distribution across the country.
The MK Fund is expected to begin receiving applications once the website and operational guidelines are finalized.
If you want, I can also create 8–10 strong headlines for this story (this story has good potential to trend because of the grant + youth + Muhoozi angle).
